VA Mortgages

What is a VA Loan?

The Department of Veterans Affairs established the VA Home Loan Guaranty program to assist eligible veterans in the purchase of a new home or the refinance of their current home.  We are honored to participate in VA’s LAPP program, so we will approve your VA loan in-house.  Several facts make VA home loans so attractive to our veterans:

· No minimum down payment requirements
· Low interest rates
· Very understanding credit underwriting
· No monthly mortgage insurance
· Seller concessions can be used to pay down borrower debt – up to 4% of sale price
· Borrow up to $ 1,094,625 with no downpayment*
· Borrow up to $1.5MM with a 10% downpayment*

Who is eligible for a VA home loan?

·  Veterans 
·  Active duty personnel 
·  Reservists/National Guard members 
·  Surviving Spouses

Get detailed rules of eligibility and find out how to receive your Certificate of Eligibility.

What is a VA Funding Fee?

VA loans require a one-time Funding Fee for most borrowers that is based on the veteran's type of service, down payment, and whether on not the veteran has had a VA loan before.  This Funding Fee is not an out-of-pocket cost – it gets financed into your loan.  Those funds go to administering the VA home loan program, allowing the VA to continue providing low-interest rate loans at 100% financing for eligible veterans.  See the chart below to determine your funding fee amount:

NOTE:  If you have any service-connected disability or you are a military widow, then you are exempt from the VA Funding Fee described below.

To learn more details and to get prequalified for a VA loan, please contact your local Midwest Mortgage Capital Mortgage Consultant or apply online.

* Additional restrictions may apply.  Underwriting approval required for all programs.